Groups in Support: Veterans of Foreign Wars (VFW), American Legion, National Association of Credit Unions

Dear Colleague,

We all agree that our men and women in uniform sacrifice so much for the freedoms we hold dear. One of these sacrifices is saving up to start a small business. With wages that are significantly lower than most jobs offered in the private sector, veterans
often separate from the Armed Forces with little in regards to savings. In addition, many of these veterans utilized military housing, insurance, and transportation and therefore lack significant credit history—even if they are financially responsible.

So when veterans decide to open up small businesses after they separate from service, they are at a distinct disadvantage when it comes to securing a small business loan at a fair rate. Major veterans service organizations agree that we should be providing
our nation’s veterans with access to capital.

That is why I call on you today to cosponsor bipartisan legislation, H.R. 3866, which would make it easier for veterans to secure access to loans for small business purposes from a credit union. Specifically, H.R. 3866 would amend the Federal Credit Union
Act to exclude extensions of credit made to veterans from the definition of a member business loan. The bill covers loans to any veteran who served on active duty and was discharged or released under conditions other than dishonorable.